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how to qualify as a first-time buyer |
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How do you qualify as a first-time buyer?
In general, lenders define a first-time home buyer as someone who has not owned any real estate -- whether a personal residence, vacation home or investment property -- during the past three years.
Lenders verify an applicant's status by examining their income tax returns, checking to see that the individual did not take any deductions for mortgage interest or property taxes.
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Last Updated ( Tuesday, 29 July 2008 )
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